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New York
Diversified Concentrated
Net Annualized Performance (CAGR) 14.1% 16.7% 6.3% 10.7% 6.9% 3.0% 10.4% 7.9% 3.2%
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Inception Date
Jul 1992 Oct 1994 Mar 1999 Jan 2002 Aug 2005 Jan 2007 Jan 2007 Jan 2011 Jan 2007 Nov 2011
Net performance results are since inception of each strategy through January 31, 2012. Figures are estimated for the most recent month in range. Statistics are based on monthly data. Please see "Important Disclosures" for additional information concerning these figures. Please see page 5 for more detailed performance information including certain relevant benchmarks.
Firm Management
9 Person Board of Directors
Richard L. Chilton, Jr., Chairman, CEO & CIO
Technology 11 Professionals
Jerry Goersch, Chief Information Officer
Flagship Strategies
Richard L. Chilton, Jr. Inception: July 1992 Equities Long/Short
Asian Equities
Collaborative Approach
Centralized Systems
Red Alerts is a proprietary research database that captures company analysis across the firm Triple Star Recommendation is a standardized company evaluation template
Small Cap
Dan Szemis Inception: January 2002 Small Cap Long/Short
European Equities
Frederic Gautier Inception: March 1999 Europe Long/Short
Consistent Communication
Weekly New Idea Recommendation Meeting is a chance for analysts to present their ideas to the entire research team Daily morning meeting and Daily Briefings e-mail
Strategy Statistics
Flagship European Chilton Chilton Diversified Concentrated Equities Small Cap Manager Inception AUM Team Strategy CAGR Volatility* Sharpe Ratio Best Month Worst Month 14.1% 11.3% 0.97 14.3% -15.6% 16.7% 12.9% 1.05 15.8% -14.2% 6.3% 10.0% 0.39 13.4% -9.1%
MS CI Europe
Asian Equities Hedged US Pan-Asia China Pacific Opportunities Equities Chiang Jan 2007 Jan 2007 $89mm $278mm Williamson Jan 2011 $49mm
S &P 500 Benchmark 8.3% CAGR 15.1% Volatility* 0.34 Sharpe Ratio 10.9% Best Month Worst Month -16.8%
S &P 500
R2000
GS CI
MS CI AP
MS CI China
MS CI World
P e rfo rm a nc e figure s a re pro vide d fo r re fe re nc e purpo s e s o nly a nd do no t re pre s e nt a n o ffe r o r s ic ita tio n with re s pe c t to the purc ha s e o r s a le o f a ny s e c urity. P le a s e s e e "Im po rta nt Dis c lo s ure s ". F igure s a re e s tim a te d fo r the m o s t re c e nt m o nth. S ta tis tic s a re ba s e d o n m o nthly da ta . * R e pre s e nts a nnua lize d m o nthly s ta nda rd de via tio n s inc e inc e ptio n. AUM is e s tim a te d a s o f F e brua ry 1, 2012 . Ne t pe rfo rm a nc e re s ults a re s inc e inc e ptio n o f e a c h s tra te gy thro ugh J a nua ry 31, 2012. As ia n Equitie s pe rfo rm a nc e is s inc e inc e ptio n o f the funds o n J a nua ry 4, 2007.
Chilton Diversified
S&P 500
20%
Annualized Volatility (Standard Deviation)
15% 10% 5% 0%
Chilton Diversified S&P 500
Net performance results for Chilton Diversified are since inception on July 1, 1992 through December 31, 2011 and for Chilton Concentrated are since inception on October 1, 1994 through December 31, 2011. Figures are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.
Richard and team have acquired extensive knowledge of the securities industry, built over time through:
Researching and meeting with companies globally Developing a deep network of contacts throughout various industries Building proprietary analytics Traveling extensively to gain firsthand knowledge
The Flagship Strategy team also leverages the resources, contacts, and idea-flow of the broader Chilton research team. Chiltons philosophy of valuing individual impact and rewarding teamwork has developed a strong culture of collaboration, integrity, and creativity.
$14,000
$12,000
$10,000
Chilton Diversified S&P 500 Return Since Inception 1217.9% 373.5% CAGR Since Inception 14.1% 8.3% Annualized Volatility 11.3% 15.1% Chilton Concentrated S&P 500 Return Since Inception 1338.2% 283.2% CAGR Since Inception 16.6% 8.1% Annualized Volatility 13.0% 15.8%
$8,000
$6,000
$4,000
$2,000
$0
Net performance results and volatility for Chilton Diversified are since inception on July 1, 1992 through January 31, 2012 and for Chilton Concentrated are since inception on October 1, 1994 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.
Net performance results for Chilton Diversified are since inception on July 31, 1992 through January 31, 2012 and for Chilton Concentrated are since inception on October 1, 1994 through January 31, 2012. Figures are estimated for the most recent month. Statistics are based on monthly data and only include full quarters. Please see Important Disclosure for additional information concerning these figures.
The Chilton Flagship Strategy team has a proven track record of reducing the impact of the broad markets most negative performance.
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Investment Objectives
We seek capital appreciation in rising markets and capital preservation in declining markets We seek to capitalize on the early identification of changes that take place within companies and industries We seek to produce consistent returns with controlled volatility We embody a long-term investment philosophy
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Exposures
Gross Long
Gross Short
Long and short exposures are since January 1, 1998 and through January 31, 2012 for Chilton Diversified and from March 1, 1998 through January 31, 2012 for Chilton Concentrated and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.
Equity long-short allows Chilton to potentially capture excess returns on both sides of the market and is thus first and foremost a valuable tool for capitalizing on market dislocations.
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Shorting Philosophy
Effectively Utilizing Shorts
At Chilton, shorting is a long-term strategy. Richard Chilton and the investment team have the courage of their convictions to effectively employ shorts within the portfolio Chilton exploits three advantages of shorting: Source of Excess Return Chilton aims to create excess return by identifying companies with fundamentally challenged business models or weak management teams as well as other market dislocations to make money using shorts Natural Hedge Shorts may also provide a natural hedge to the long side of the portfolio by protecting the portfolio against downward movement in the broader market Long-side Enhancement In addition to providing downside protection, long-short strategies may increase a managers ability to capitalize on favorable pricing after a market dislocation
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Concentrated Strategy
Long: 100% 150% (10% max per position)* Short: Generally expected to be 30% - 60% gross short (6% max per position). Shorts typically represent at least 30% of gross long position at minimum* Diversified across all industries and sectors Generally limited to 20% NAV* Controlled use of leverage, generally not to exceed 150% gross long* Top 10 Positions* Top 10 Long positions are generally 50-65% Top 10 Short positions are generally 45-60% Top 25 Positions* Top 25 Long positions are generally 70-90% Top 25 Short positions are generally 65-85% Actively monitored by Portfolio Risk Committee
Sector Allocation
Leverage
Concentration
Liquidity
*Note: Leverage, concentration, and exposure maximums are subject to exemptions in certain circumstances.
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Consumer S taples 11% Other -12% Energy 4% Financials -6% Health Care Industrials 1% 10%
Materials 12%
IT -10%
112% 0% 5% 0% 116% 47
59% 0% 1% 0% 60% 51
52% 0% 4% 0% 56% 98
Mid Cap 5%
Represents the portfolio characteristics of the Diversified Strategy as of January 31, 2012. Exposure figures represent long, short, and net security positions as a percentage of strategy assets. All exposure figures are unaudited, approximate and should be used for general reference only. Historical exposure is not indicative of future exposure levels.
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Consumer S taples 13% Energy 3% Financials -5% Health Care 1% Industrials 10%
Materials 14%
IT -13%
118% 0% 7% 0% 125% 48
68% 0% 1% 0% 69% 51
50% 0% 5% 0% 56% 99
Represents the portfolio characteristics of the Concentrated Strategy as of January 31, 2012. Exposure figures represent long, short, and net security positions as a percentage of strategy assets. All exposure figures are unaudited, approximate and should be used for general reference only. Historical exposure is not indicative of future exposure levels.
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Key Terms
Diversified Strategy
Launch Date U.S. Vehicles Non-U.S. Vehicles Minimum Investment Subscriptions Liquidity / Fee Structure July 1, 1992 Chilton Investment Partners, L.P. Chilton International (BVI) Ltd. Onshore: $3 million (USD) Offshore: $1 million (USD) Monthly Option 1 Annual Liquidity: 1.50% Management Fee; 20% Incentive Fee; notice due by noon on Nov 1st; no gate Option 2 Quarterly Liquidity: 1.75% Management Fee; 20% Incentive Fee; notice due by Mar 1st, June 1st, Sept 1st or Dec 1st at noon; no gate Hurdle Rate High Water Mark Redemption Penalty Administrator Auditor No Yes 2.5% of funds redeemed within first 6 months Citco Fund Services (Toronto) Ernst & Young
Concentrated Strategy
October 1, 1994 Chilton Opportunity Trust, L.P. Chilton Global Partners, L.P. Chilton Opportunity International (BVI) Ltd. Onshore: $1 million (USD) Offshore: $1 million (USD) Monthly Option 1 Annual Liquidity: 1.50% Management Fee; 20% Incentive Fee; notice due by noon on Nov 1st; no gate Option 2 Quarterly Liquidity: 1.75% Management Fee; 20% Incentive Fee; notice due by Mar 1st, June 1st, Sept 1st or Dec 1st at noon; no gate No Yes 2.5% of the funds redeemed within first 6 months Citco Fund Services (Toronto) Ernst & Young
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Contact Information
Chilton Investment Company 300 Park Avenue, 19th Floor New York, NY 10022 Phone: 212-751-3596 Fax: 646-443-7705
Colleen Ferguson
Executive Vice President Director of Marketing & Client Relations cferguson@chiltoninc.com Executive Vice President Client Relations jhenderson@chiltoninc.com Senior Vice President Client Relations (London Office) jduckworthchad@chiltoninc.com +44-20-7087 6000 Vice President Client Relations hnorthrop@chiltoninc.com
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Jim Henderson
James Duckworth-Chad
Heather Northrop
Appendix:
Historical Performance
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Net performance results represent Chilton Investment Partners, L.P., Class E since inception on July 1, 1992 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures. * Annual performance for 1992 and 2012 represent partial period returns.
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Net performance results represent Chilton Opportunity T rust, L.P., Class A since inception on October 1, 1994 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures. * Annual performance for 1994 and 2012 represent partial period returns.
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Important Disclosures
This presentation was prepared by Chilton Investment Company LLC (Chilton) solely for the benefit and internal use of the client to which it is provided (together with such clients affiliates and subsidiaries, the Investor) in order to assist the Investor in evaluating, on a preliminary basis, the matters addressed herein. Neither this presentation nor any of its contents may be disclosed to any other party or used for any other purpose without the prior written consent of Chilton Notwithstanding the foregoing, Chilton and the Investor (and each of their employees, representative, or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of any transaction described herein and all materials of any kind (including opinions and other tax analyses) that have been provided to them relating to such tax treatment and structure This presentation has been provided to the Investor for information purposes only and may not be relied upon by the Investor in evaluating the merits of investing in any securities referred to herein. This presentation is not intended as an offer or solicitation with respect to the purchase or sale of any security, nor does it constitute an offer or solicitation of any person or entity in any jurisdiction in which it is unlawful to do so. Any decision to invest in any of the funds managed by Chilton (each, a Fund) should be made solely on upon the information contained in that Funds definitive Offering Memorandum and governing agreements. The offering of interests in a Fund will not be registered under the laws of any jurisdiction. Such limited performance is necessarily representative of the expected trading and performance of a fully committed portfolio. Additionally: An investment in the Fund is speculative and involves a high degree of risk. Past performance is not indicative of future results. There is no assurance that the Funds investment objective will be achieved or that these strategies will be successful The Fund may be leveraged and performance may be volatile. An investor could lose all or a substantial amount of his or her investment The Funds manager has total trading authority over the Fund. The use of a single advisor applying generally similar trading programs across a number of accounts or trading vehicles could mean lack of diversification and, consequently, higher risk There is no secondary market for the interests in the Fund and none is expected to develop. There may be restrictions on transferring interests in the Fund. The Funds fees and expenses may offset the Funds profits. A substantial portion of the trades executed for the Fund may be placed on foreign exchanges Volatility in this presentation is calculated as the standard deviation of monthly returns. Annualized volatility represents monthly standard deviation multiplied by the square root of time. Unless otherwise noted within this presentation, the Sharpe Ratio is calculated as: (Net annualized performance Risk free rate)/Annualized volatility. The risk free rate is assumed to be the 3 Month T-Bill rate for the period in question. All actual performance results for Chilton Funds in this presentation are unaudited and net of fees including reallocation of profits and expenses and reflect an investment in the Fund during the period indicated without additions, withdrawals or redemptions. Performance results also include new issues, and reinvestment of dividends, capital gains and other earnings. CAGR figures for the Funds in this presentation reflect annualized compounded cumulative returns calculated from the inception of the Funds without additions or withdrawals. CAGR figures for the benchmark indices are calculated during the period indicated. All benchmark indices listed herein are provided because Chilton believes they most nearly reflect the securities in the Funds it is a benchmark against which investors may find it useful to compare fund performance or it is an appropriate measure of the Funds investment objectives; in any such case the securities holdings of the Funds may comprise only a portion of such index. Index returns include reinvestment of dividends and capital gains. To calculate exposure levels, the following principles have been applied: (i) derivative positions are converted to their delta-adjusted equity value, (ii) cash is not treated as a portfolio position for calculating exposure and (iii) long and short positions in the same security are netted against each other for purposes of calculating the gross long or short exposure.
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